Pune, September 16, 2020 (GLOBE NEWSWIRE)-By 2027, the global calcium formate market is expected to reach 628.5 million US dollars, with a compound annual growth rate of 4.0% during the forecast period. “Fortune” magazine “Fortune Analysis” magazine found that the increase in cement production may become the main growth driver of the market. The title of the report is “Calcium-based market size, share and COVID-19 impact analysis, by type (feed grade, Industrial grade), by application (feed, construction, leather, chemical and others), and regional forecasts for 2020-2027″. The International Energy Agency (IEA) estimates that 4.1Gt of cement was produced globally in 2019, with China accounting for nearly 55% of global production, followed by India with 8%. According to the forecast of the World Cement Association, by 2030, China’s output is expected to shrink by 35%, while India’s output will double to 16%. The dynamics of these changes herald the development of this market because calcium formate is an essential ingredient in cement production. The compound can be used as a curing accelerator for cement and an additive to enhance the strength of cement mortar. Therefore, the increasing demand for cement, especially in developing economies, will provide the necessary fuel for the growth of the calcium formate market.
The report pointed out that the global market value in 2019 was 469.4 million U.S. dollars, and provided the following:
The outbreak of the COVID-19 pandemic has had a serious impact on the global chemical industry, which is hurting the growth of the calcium formate market. Blockades, social distancing and trade restrictions have led to large-scale disruptions in supply chain networks, while severe economic downturns have affected demand and consumption.
As a result, companies in this market reported unprecedented revenue losses, forcing them to reconsider their investment plans. For example, in August 2020, German specialty chemicals company Lanxess sold its organic leather chemicals business to TFL Ledertechnik GmbH for $230 million to reduce its dependence on the automotive industry. During COVID-19, the automotive industry is facing unparalleled demand tightening, so it seems prudent for Lanxess to exit the leather business. In another example, Perstop AB, headquartered in Sweden, reported that its net sales have dropped significantly by 32%, reaching 2.08 billion Swedish kronor by July 2020, due to the company’s severe measures to deal with COVID-19. These unfavorable developments may stop the use of calcium methionine this year.
The Asia-Pacific region has a market size of US$251.4 million in 2019 and is expected to dominate the market share of calcium formate during the forecast period. The main reason for the substantial growth of the market in this region is the rapid development of the construction industry in India and China. For example, the Indian Brand Equity Foundation (IBEF) predicts that by 2025, India will become the third largest construction industry.
Key players are steadily expanding their business in the fledgling market to stir competition. Key players in this market are focusing on strategically expanding their influence in emerging markets in developing regions around the world. In implementing this strategy, the company is establishing partnerships and acquisitions with regional players to establish business in emerging economies.
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